Dhaka, Bangladesh (BBN)- Evince Textiles Limited (ETL) will make its share trading debut on the Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) July 17 (Sunday) under “N” category, officials said.
Evince Textiles, which raised BDT 170 million through initial public offering under the fixed price method, will be the 45th listed firm in the textile sector that accounts for around 4.0 percent of the premier bourse’s total market capitalization.
The garment manufacturer floated 17 million ordinary shares at an offer price of BDT 10 each and raised BDT 170 million from the public.
IPO subscription of the company, which held between May 01 and May 12, oversubscribed by 33 times as the company received around BDT 5.60 billion against IPO issue of BDT 170 million, officials said.
The stockmarket regulator the Bangladesh Securities and Exchange Commission (BSEC) approved the IPO proposal of the company on April 04.
The regulatory approval to the IPO proposal of Evince Textiles is the first approval under fixed price method after the amendment of Public Issue Rules 2015.
The company’s earnings per share (EPS) stood at BDT 1.62 and net asset value (NAV) at BDT 17.62, according to its audited report as on December 31, 2015.
The company will utilise the fund for boosting working capital and civil construction and modernising the machineries along with bearing the IPO expenses.
LankaBangla Investments is acted as the issue manager of the company’s IPO.
Set up in 2003, Evince Textiles currently produces over a million yards of cotton shirting fabrics a month, according to the company’s website.
Evince Textiles is the second listed company of Evince Group. In 2013, the Evince Group’s Argon Denim was listed with bourses.
BBN/SSR/BB